Cantor Says $2T or More in Spending Cuts Possible

By ANDREW TAYLOR | June 13, 2011 | 1:44 PM EDT

WASHINGTON (AP) — A top GOP negotiator in the budget talks being led by Vice President Joe Biden says that it's possible to find "trillions of dollar" in spending cuts as the price for legislation to allow the government to continue to borrow to finance its operations and avoid defaulting on U.S. bonds.

Virginia Republican Eric Cantor also said that he wants just one vote on the politically poisonous topic before next year's elections.

Cantor and House Speaker John Boehner are insisting that the amount of deficit savings exceed the accompanying increase in the nation's debt limit. It would take a $2.5 trillion or so borrowing increase to keep the government afloat until early 2013.

Biden has only said that it's looking like the negotiations will produce more than $1 trillion.